New apartments in Anaheim, dubbed “luxury” by the developer MBK Rental Living, are pre-leasing ahead of the complex’s debut this summer.
Prices for apartments at the Zia will range from $2,680 for one-bedroom units, $3,167 for two bedrooms and $4,886 for three.
While the debate used to rage over “rent versus buy,” house payments for Orange County single-family homes now are well above rents at even the most posh apartment complexes.
The county’s median single family home is prices at nearly $1.4 million. Creative lending still means a payment of at least $10,000 monthly, according to contributing mortgage columnist Jeff Lazerson.
And staff columnist Jonathan Lansner points out home buyers need to earn $349,200 annually to buy the county’s $1.37 million median-priced, existing single-family home.
Also see: Southern California housing is preposterously expensive, no matter the measurement
MBK’s executives in Irvine have done the math themselves, recognizing the high rent at Zia is still well under house payments in today’s hot market.
“Given Orange County’s high barrier for entry into homeownership, we anticipate that these 315 new apartments will be a welcome addition to the local community’s housing market,” said Ken McCarren, president of MBK Rental Living. “With home supply low and prices and interest rates remaining high over the last few years, we believe that a wide range of Orange County residents will be attracted to Zia and its community offerings.”
The new complex includes 315 apartments in studio, one-, two- and three-bedroom floor plans between 600 and 1,900 square feet.
Zia sits on 5.2 acres at 1600 W. Lincoln with amenities that include a two-story fitness center that houses a dedicated yoga and Jiu-Jitsu spaces; pool with BBQ area, spa, and cabanas; courtyards; a game lounge; co-working office space and a dog spa and park.
MBK Rental Living, which built the complex in a joint venture with Haseko Corp.. expects the complex will open this summer.
The eight-unit Kenwood Place Apartments in Costa Mesa sold June 10 for $3,450,000 or $431,250 per unit. The buyer paid cash for the single-story complex built in 1961 at 1762 Kenwood Place. (Photo courtesy of Marcus & Millichap)
8-unit apartment complex sells for $3.5M in Costa Mesa
The eight-unit Kenwood Place Apartments in Costa Mesa sold June 10 for $3,450,000 or $431,250 per unit.
Marcus & Millichap said the buyer paid cash for the single-story complex built in 1961 at 1762 Kenwood Place.
“The property went under contract within two weeks of hitting the market and … (had) a closing date within three weeks,” said said Tyler Leeson an executive managing director at the brokerage.
Kenwood Place includes carport and surface parking, on-site laundry facility. M&M said all the units were updated to add vinyl flooring, dual-pane windows and shaker-style cabinetry.
Irvine-based private equity firm IRA Capital bought Quail Park of Lynnwood, a 253-unit senior housing property in Lynnwood, a suburb of Seattle. The firm said it paid cash for the property but declined to say how much. (Photos courtesy of IRA Capital)
IRA buys sprawling senior complex in Seattle suburb
The Irvine-based private equity firm IRA Capital bought Quail Park of Lynnwood, a 253-unit senior housing property in Lynnwood, a suburb of Seattle.
The firm said it paid an undisclosed amount of cash for the property. The deal closed June 12.
Completed in 2020, the sprawling community sits on 15 acres at 4015 164th St SW. That land sold for $35 million in 2017, according to documents provided by Property Shark.
“With a robust pipeline of investment opportunities, we anticipate closing on another $325 million in new investments over the next 30 days,” said Jay Gangwal, a managing partner at IRA Capital.
Industry people on the move
Greg May has rejoined CBRE’s Newport Beach office. He specializes in office properties and is joining the brokerage team of Rick Warner, Chip Warner, Peter Wells and Taylor Friend. Previously, May led Newmark’s brokerage operations in the Southwest. He joins CBRE as a senior vice president. Other previous roles include vice president at Transwestern, leasing director of USAA’s Western region, and vice president in CBRE’s Newport Beach office.
Architects Douglas Brown and Mel Tan have been promoted to principal at Santa Ana-based SVA Architects. Brown’s design credits include The Barn at UC Riverside and winner of an AIAOC Design Award. Tan specializes in K-12 educational facilities and student housing. He has earned numerous Gold Nugget Merit Awards, the firm said, including the Woodbridge High School Performing Arts Center and the Costa Mesa High School Performing Arts Center.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
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